Attention Joe and Jane Citizen! Concerned about the fiscal future of your country and your family? Then please put aside for a few minutes the talking heads’ coverage of the supercommittee breakdown, and get information about a matter much more important to your country and your family’s prosperity.
You are being told that because the House-Senate Joint Select Committee on Deficit Reduction, created last August as a compromise in the debt ceiling fight, failed to reach a “solution” by Thanksgiving, there will be dire consequences as government spending has to be “sequestered” from the budget in 2013.
But the real worry you should have about 2013 is the permanent sequestration of the money you can contribute to your flexible spending account due to the stealth tax hikes of Obamacare.
Back in 2010 when she was speaker of the House, Rep. Nancy Pelosi said Congress had to pass the healthcare bill into law so the public could know what’s in it. And it won’t be until the beginning of 2013 that most of the public will know that one of the things in the bill was a harsh limit to just $2,500 per year on the tax-free dollars that can be put aside for medical expenses in a flex account.
Especially for large families, this is in effect a marginal tax hike on health expenses of as much as 40 percent!
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